During the current economic climate, there are factors that entrepreneurs look at more closely when it comes to starting up a business. The “where” and “how much” factors become a bigger part of the decision, as one looks to trim any unnecessary cost factors. Gone are the days where if you were technology based, you’d set up in Silicon Valley or if you needed to network with business contacts – set up shop in New York. Ironically, thanks to modern day technology, you can set up in a much wider range of locations.
Entrepreneurs look at factors like the ease of recruitment, and as a result – have looked into the central states of the US, such as Colorado, where the workforce is well educated, quality of life is good, and cost of living is a big step lower than on the coasts.
With hopes up about stabilisation of the economy, this is a great opportunity for aspiring entrepreneurs and small business start ups alike to take things to the next level. Over the last few years, several angel groups and individual investors have started to set up shop in cities like St. Louis (such as the Arch Angel Investor Network), again bucking the general trends.
The concept of managed investment schemes was outlined in July 1998, by the Managed Investments Act (Cth)(Act), and has been defined as a scheme in which people contribute money to acquire interest to benefits produced by the scheme.
The contributions are used to further the scheme, and the members do not have control over the day to day operations.
The Managed Investments Act (Cth)(Act) replaces the old “prescribed interests” regime, and its most significant change is the replacement of the roles of trustee and manager with the single Responsible Entity role. The Act also introduced new measures to ensure adequate investor protection.
A managed investment scheme must be registered with the Australian Securities and Investments Commission (ASIC) if;
1. The scheme has 20 or more members; or
2. The scheme is promoted by a person who is in the business of promoting managed investment schemes.
Where a scheme is required to be registered, the following must be addressed;
•Appointment of a responsible entity
-Responsible Entity must be an Australian public company holding a licence to act as a Responsible entity
-This is a dual role, of both trustee and scheme manager
-Must have minimum net tangible assets of $ 50,000 or 0.5% of the value of the scheme’s assets, up to $ 5 million
•Custodians must be appointed in some cases
•A Constitution, similar to a trust deed, must be made
•A Compliance plan must be made, setting out the measures which a Responsible Entity is to apply in operating the scheme to ensure compliance with the constitution.
•Compliance committee is to be created if the board of directors of the RE does not consist of at least half external directors
Many times, entrepreneurs or employees working at a full-time, salaried job often wish that they had some sort of investment that would allow them the luxury of working their own schedule while also providing a sound financial decision that will offer them (and their family) several years of reoccurring revenue and profit.
Even though owning a rental house, duplex, or apartment buildings may seem like a good idea initially, the fact of the matter is that being a landlord is a lot more of a time commitment than many people realize. There are several problems that may arise when owning a rental property that has tenants—dangerous items that need to be fixed immediately; certain codes and permits that need to be followed, and the relentless cleaning and repairing that comes with the times when old tenants move out and new ones move in.
Even though self storage property may have some of the issues that other real estate investment properties may have, the fact of the matter is that it is a lot less stressful, easier to maintain, and there aren’t living tenants on the property that expect their issues to be fixed right away. Additionally, cleaning a self storage unit is oftentimes a lot easier than cleaning a rental property- often all a storage unit needs is to be washed out or swept thoroughly.
The investment banking resume screening process is usually done by one group of bankers – for that year.
It differs from team to team, but it’s quite likely the whole group will sit down and judge your resume together. If that’s the case your resume may simply be skimmed over aloud, followed by a chorus of “yay” or “nay”.
Naturally everyone present will be invited to come up with ‘witty’ one-liners.
[FYI When you start working 7 nights a week fueled solely by cheap ramen and copious amounts of caffeine you'll find this funny too].
Alternatively, each analyst could be in charge of a pile of resumes and be tasked with presenting to the group the 10 second ‘story’ and 3 reasons ‘why’ and ‘why not’ for each resume.
Clearly then having a banking resume with an will make you easy to green light in group settings. Similarly, making your resume by using cutting edge presentation principles will also ensure your success in group settings.
Outside of a group setting there’s the ‘alone time’ review.
Picture an analyst at their desk with a stack of papers sorting through them like they are playing cards – i.e. lightning fast reviews where they (school name, GPA, internship experience, and ‘not a nut job’) before moving on.
As you can see no matter how your banking resume is read, it’s read fast. Knowing how to turn this apparent problem to our advantage is something we’re going to look at further below.
It’s not your smarts, hard work or kite surfing adventures in Playa Grande, Costa Rica, that they’re interested in most.
Instead it’s .
Bankers will look at your resume in a glass half empty kind of way, because they desperately want to find even the smallest of mistakes.
Well, in a world of 100 hour work weeks and seas of 1000s of resumes, bankers will always resort to the fastest elimination method. And spotting petty mistakes, as opposed to identifying quality achievements is brilliant at this.
A banker with attention to detail can whittle down a 500 resume pile to the top 10 within an hour this way.
- at least when we’re talking about the first round of screening; as compared to final rounds.
This approach also makes perfect sense because with a Godlike appreciation for attention to detail bankers will wonder to themselves;
“Well, if you can’t turn out a perfect resume with the study load of a college kid – 14 contact hours a freaking week – spruce up a pitch book for MD Larry Larryson at 6am in time for an 8am meeting?” i.e. mistake-riddled resumes are not indicative of bankers-in-the-making.
To help you avoid making any application-killing mistakes we devote an entire tutorial in the Inside Investment Banking System to the 12 major do’s & don’ts of resume writing.
Which is to say, print your resume out. Read it over. Check. Revise. Then print it out and give it to two friends to revise. Repeat.